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Hunt Valley Based CarChex Completes $5M Offering - cbl
Posted February 2, 2012
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Jason Goldsmith
By Brian Wolak
HUNT VALLEY, Md. -- CarChex has completed a $5 million offering, raising the amount from a single investor.
The Hunt Valley, Md. based provider of extended auto warranties and vehicle inspections is led by CEO Jason Goldsmith, who bought the company in 2003 for $15,000. CarChex's inspector network now boasts over 900 inspectors in all fifty states.
Goldmith is named in an SEC filing along with Scott Levy, Ben Fenlon, Hyun Lee, as well as directors James Dale, Peter Rubin, and Steve Fader.
The SEC filing indicates that $500,000 of the proceeds will be used to pay outstanding indebtedness and $350,000 will go towards sales commissions.
Goldsmith bought CarChex after he was looking to purchase a 1996 Jaguar convertible from a car dealership in Portland, Oregon. Rather than endure the travel expenses to inspect the vehicle personally, he used CarChex's car inspection service which revealed the car's poor condition.
SEC filing: http://tinyurl.com/6s32caf
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